Disciplinary committee established for AFAs

• Tweet

Tuesday, November 30th 2010, 8:42PM

A Disciplinary Committee has been established to conduct proceedings arising out of complaints against authorised financial advisers (AFAs), announced Commerce Minister Simon Power yesterday.

The Disciplinary Committee will be chaired by the Commissioner for Financial Advisers, David Mayhew. 

He will be joined by committee members:

• Tracey Berry - general manager, Wealth, at Kiwibank
• Simon Hassan - financial adviser and member of the international Financial Planning Standards Board (FPSB) Standards Committee
• Peter Houghton - recently moved to New Zealand from the United Kingdom where he was Global Head of Investment Research at Dresdner Kleinwort Investment Banking
• Sir Bruce Robertson - a recently retired judge of the New Zealand Court of Appeal. 

The membership was required to include at least one member who works or has worked in the financial adviser industry, at least one member who is independent of the financial adviser industry, and at least one member who is a lawyer with no less than seven years legal experience.

Power says the aim of the Financial Advisers Act is to build confidence in the professionalism and integrity of financial advisers.

"A key part of that is making financial advisers accountable for the advice they give," he says.

Commenting is closed